Economic Buzz: US import prices surge in May

In May, U.S. import prices rose faster than expected, driven in particular by a sharp rise in fuel costs and capital goods, fueling overall inflationary pressure in the import segment of the economy.

According to the U.S. Bureau of Labor Statistics, import prices jumped 1.9% in May after a revision to 2.0% in April.

On a year-over-year basis through May, import prices rose 6.7%, the highest reading since August 2022; in April the rise was 4.2%.

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